The Rise Of WEB3 Social Media & Hive's Supremacy

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16 Apr 2024

The Race Is Heating Up
Social media has been in a state of constant growth and development ever since the formative years of Facebook. We have seen certain platforms become obsolete, while simultaneously seeing others rebrand and restructure their services and operations. Just recently, Elon Musk introduced rewards on Twitter for creators and influencers. This is clearly a move motivated by the rise of WEB3. Musk is clearly threatened by the concept of WEB3-based social media.
WEB3 is not merely a new technology that provides a level of ownership and control, it also provides monetization. This is an enormous motivation for creators with large audiences. Essentially, WEB2 social media platforms don’t actually provide direct and native monetization. What creators do is expose their audiences to their products and partnerships, and in this way, monetize their content. In many ways, legacy social media platforms offer a potential client base, that’s all.
WEB3-based platforms, on the other hand often offer built-in monetization models that reward content creators based on upvotes, engagement, and other factors. In this way, monetization is a guarantee, provided you have an audience that is active and engaged. Musk is clearly looking to appropriate a similar model, in an attempt to retain users, and not lose them to WEB3 alternatives. Even though Twitter’s user base retention is still relatively high, in order to keep it that way he has to act prior to WEB3 becoming a phenomenon.
That’s how visionaries operate… they see the future and then make adjustments well in advance to position themselves for when the future does arrive. It’s too late to begin making adjustments once a shift is already in full swing. This is what I have been suggesting in regard to content creators and WEB3 for some time now. Now’s the time to be building a decentralized audience… it will be too late once WEB3 begins to gain serious traction. Don’t pay attention to Elon’s negativity in regard to WEB3, watch his actions.
A Significant Threat
In many ways, Elon is busy telling anyone with an ear to hear, just how much of a threat WEB3 is to the existing WEB2 monopoly. Yes, it’s not going to be an overnight adjustment. However, the gears are beginning to shift. This is where Hive is light years ahead of even other WEB3-based platforms. The Hive community is only too familiar with WEB3 protocols, earning models, and daily transactions on the blockchain. It’s nothing new. In fact, it’s been a daily habit for years.
Not only that, but many communities have already begun experimenting with new and exciting ways of making the existing model even more creative, and subsequently, more profitable. Where many are still to embrace and create a WEB3 alternative, Hive is already building out new ideas and pioneering the way forward. Hive, as a project, and a community has years of experience in regard to WEB3 mechanics and protocols. You simply can’t replace or compensate for experience.
I think we can all attest to the embarrassing failures that surround us globally, economically, and politically. Much of this is due to people handling situations they know little to nothing about. Experience cannot be replaced by charisma, or anything else, for that matter. It’s a valuable asset to anyone who has managed to achieve it, and Hive has years of operational experience in blockchain technology and WEB3.
Final Thoughts
There are a lot of new WEB3 Social media sites popping up such as Nostr, Bastyon, Wubits, and Tangled. However, none offer the average content creator much chance of securing meaningful success. Many of these platforms tend to cater to those with enormous followings and already established brand power. Essentially, they are simply a reincarnation of WEB2, which is rather ironic, at best.
Hive offers an opportunity to both small and large account holders. Let’s be honest, the average Twitter user is not really going to generate much ad revenue. The same is true for many of these newer WEB3 alternatives. Anyone who is actually involved and engaged with WEB3 platforms is likely to affirm this observation. In many ways, and for many reasons, Hive makes sense! Catch you next time!

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This article was first published on Sapphire Crypto.